Germany's import prices down 16.4% year-on-year in August

ISTANBUL

Germany's import prices dropped by 16.4% in August on a yearly basis, the country's statistical authority said on Friday.

The figure represents the largest year-on-year decline in import prices recorded since November 1986, Destatis said, adding that the decline is primarily due to a "base effect" originating from the large price increases in 2022 as a result of Russia's war on Ukraine.

Compared with July, however, import prices were up 0.4%, after having fallen consistently month-on-month since September 2022.

Export prices also decreased on a yearly basis by 5.1%, but increased 0.1% month-on-month.

Drop due to lower energy prices

Energy imports in August cost 54% less than the same month last year, while 4.1% more expensive than previous month, the statistics bureau said.

Natural gas prices were 73.4% lower than they were in August 2022, while the prices of electricity fell by 79.7%, hard coal 61.4%, crude oil 23.0%, and mineral oil products 19.3%.

On a monthly basis, electricity became 20.9% more expensive, mineral oil products cost 11.9% more, and the prices of crude oil increased by 7.5% and hard coal by 1.2%.